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1、Chapter13SolutionstotheProblemsintheTextbook:ConceptualProblems:1.a.Accordingtothelife-cycletheoryofconsumption,peopletrytomaintainafairlystableconsumptionpathovertheirlifetime.Individualssaveduringtheirworkingyearssotheycankeepupthesameconsumptionstreamaftertheyretire.Thisimpliesthatwealthincreases
2、steadilyuntilretirementwhileconsumptionremainsstable.Weshouldthereforeexpecttheratioofconsumptiontoaccumulatedsaving(wealth)todecreaseovertimeuptoretirement.1.b.Afterretirement,wealthisuseduptofinanceconsumptionduringtheremainingyears.Thereforetheratioofconsumptiontoaccumulatedsaving(wealth)increase
3、sagainafterretirement,eventuallyapproaching1.2.a.Supposethatyouandyourneighborbothworkthesamenumberofyearsuntilretirementandyoubothhavethesameannualincome.Ifyourneighborisinbadhealthanddoesnotexpecttoliveaslongasyoudo,shewillexpecttohavefewerretirementyearsinwhichtouseaccumulatedwealthtofinanceastea
4、dyconsumptionstream.Yourneighbor'sgoalforretirementsavingwillnotbeashighasyours,andcomparedtoyou,shewillhaveahigherlevelofconsumptionoverherworkingyears.Sinceplannedannualconsumption(C)isdeterminedbythenumberofworkingyears(WL),thenumberofyearstolive(NL),andincomefromlabor(YL),wegettheequation:C=[(WL
5、)/(NL)](YL).WLandYLarethesameforyouandyourneighbor,butNLissmallerforyourneighbor.Thereforeyouwillhavealowerlevelofconsumption(C).(Note:Studentsmaycomeupwithavarietyofdifferentanswers.Forone,yourneighbor,whoisinbadhealth,currentlyhasmuchlargermedicalbillsthanyoudo.Thereforeshemaynotbeabletosaveasmuch
6、forretirement,evenifshemightexpecttoliveaslongasyou.Ontheotherhand,shemaynothavelargemedicalbillsnow,butexpectsthemlater,asshegetsolder.Thismayinducehertosavemorenow.Whilesuchargumentsarevalid,instructorsshouldpointoutthattheanswershouldberelatedtothelife-cycletheory.)2.b.Ifweassumeforsimplicitythat
7、therateofreturnonSocialSecurityisthesameastherateofreturnonprivatesaving,thentheintroductionofaSocialSecuritysystembasedonatrustfundshouldnothaveanyeffectonyourlevelofconsumption.SocialSecuritymaybeco
